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What Agents Should Know About Hurricanes and the Softening Market

With experts predicting a quiet hurricane season, agents can take advantage of lower pricing to write more business.

By David Pagoumian | Updated on June 04, 2014

On June 1, we entered the 2014 North Atlantic hurricane season. The National Oceanic and Atmospheric Administration (NOAA) is predicting a mild to normal hurricane season. Colorado State University forecasters have also predicted below-average activity, though they have since altered this prediction to include one more potential storm and downplay the role of El Niño. Still, their conclusion remains the same—it will likely be a quiet season.

But no amount of forecaster flip-flopping can change the past. These predictions follow a mild 2013 season when no hurricanes reached the U.S. mainland, one of many complex factors driving down overall property-catastrophe insurance pricing in 2014. If the mild predictions are correct, insurers may be looking at another year of low wind-related property catastrophe losses. 

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